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Presentation Summary of SOFIHDES
SOFIHDES is a private development finance corporation, founded in March 1983, with the primaryobjective of contributing to economic development of Haiti, through the investments in productivesectors such as: industry, agribusiness, tourism, communication, transportation, construction,technologies, handicraft, etc. It was established with a private equity of US $ 1 million. Its stockholders'equity, as of September 30, 2004 was US$ 3.415 million.
At the beginning of its operations, SOFIHDES benefited a long-term loan from USAID as well as a grantfor technical assistance, for a total of 10 million US dollars. The loan has been totally reimbursed. In 1995 and 1998, SOFIHDES also obtained two loans from European Development Bank (EIB), for a totalamount of 8 million euros. This loan is also current and is been repaid on a regular basis.
SOFIHDES is not a commercial bank and as such is not authorized to receive deposits. Our corporationhas to finance its operations through credit obtained from local or multilateral institutions. Besides USAID and EIB's financing, our corporation gets part of its funding from Haitian commercial banks oruses the discount facility offered by Industrial Development Fund (IDF), a publicly-owned developmentfinance corporation.
The law authorizes SOFIHDES to receive grants andissue bonds.
SOFIHDES is willing to contribute to:
- Increase of the employment rate
- Generation of foreign currency through the financing of export industries
- Transfer of technology and know-how
- Addition of local value
- Geographic decentralization
- Increase of the number of entrepreneurs
- Strengthening of institutional capacity of existing enterprises